MOSCOW (MRC) -- Fertiliser producer Israel Chemicals (ICL) reported a smaller than expected drop in fourth-quarter profit and revenue on Wednesday, helped by its speciality products and record potash sales, said Reuters.
ICL, which produces about a third of the world's bromine and is the sixth-largest potash producer, has sought to counter low commodities prices by diversifying into products such as advanced additives and speciality fertilisers.
The Israel Corp subsidiary, which has exclusive permits in Israel to extract minerals from the Dead Sea, said that the prolonged commodities downturn had reduced minerals margins and that potash prices remain its main challenge this year despite a modest recovery from trough levels.
Net income excluding one-off items was USD114 million for the three months to Dec. 31, against USD180 million a year earlier and a forecast of USD73 million by Thomson Reuters I/B/E/S.
Revenue dropped 6 percent to USD1.34 billion, beating a forecast of USD1.29 billion.
Israel Chemicals Ltd., also known as ICL, is a multi-national manufacturing concern that develops, produces and markets fertilizers, metals and other special-purpose chemical products. ICL serves primarily three markets: agriculture, food and engineered materials. ICL produces approximately a third of the world’s bromine, and is the world’s sixth-largest potash producer. It is a manufacturer of specialty fertilizers and specialty phosphates, flame retardants and water treatment solutions.